TRM Labs, the blockchain intelligence firm, announced that its Series B round has been expanded from $60 million to $130 million.

While Tiger Global led the first part of the round in December 2021, this extension was led by private equity firm Thomas Bravo with Goldman Sachs as the new investor. The extension includes existing investors like PayPal Ventures, Amex Ventures, Citi Ventures and others. JP Morgan invested in February.

The company’s clients are a mix of government organizations, such as law enforcement and tax authorities, as well as private sector clients. Authorities use their tools to investigate cryptocurrency-related fraud and crime. It has a similar purpose for private companies but also provides anti-money laundering investigative services.

“In a rapidly evolving regulatory landscape, TRM capabilities are increasingly critical in helping organizations scale and adapt risk management needs,” said Christine Kang, Principal, Thoma Bravo.

Private sector clients include stablecoin issuer Circle, Shopify, OpenSea, and Uniswap. Last year’s announcements mentioned cryptocurrency exchanges FTX.US and Binance as clients. Perhaps it was not considered appropriate to mention them today, given the sudden acquisition of FTX.com following liquidity problems.

“The demand for solutions that help protect crypto users, deter illicit actors, and support blockchain-based innovation has never been stronger,” said Esteban Castaño, co-founder and CEO of TRM.

The company has increased its revenue almost four times a year since it was founded in 2018 and now has 150 employees.

Chainalysis is the biggest player in the blockchain analytics space after raising $170 million in May at a valuation of $8.6 billion, bringing its funding to $520 million. BNY Mellon is a client. UK-based Elliptic is another player, and Mastercard bought Ciphertrace last year.